华熙生物：润百颜夸迪销售额跌破10亿 85%存货为库存商品、护肤品存货周转天数466天

Core Viewpoint - Huaxi Biological's financial performance has significantly declined, with a notable drop in revenue and net profit for 2024, primarily due to poor sales in its skin science innovation transformation business [1][5][21] Financial Performance - In 2024, Huaxi Biological achieved operating revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of 174 million yuan, down 70.59% year-on-year [1][3] - Revenue from the skin science innovation transformation business fell by 31.62% in 2024, contributing to 47.92% of the company's main business revenue [5] Brand Performance - The sales of four core skincare brands have continuously declined over the past two years, with significant drops in revenue: - Runbaiyan: 2023 down 13.86%, 2024 down 22.63% - Kuaidi: 2023 down 18.64%, 2024 down 41.69% - Mibeier: 2023 down 29.75%, 2024 down 31.76% - BM Ji Huo: 2023 down 35.19%, 2024 down 52.06% [1][8][5] Operational Efficiency - The company's operational capabilities are concerning, with multiple operational efficiency indicators, such as total asset turnover and inventory turnover, declining in 2024 [2][10] - Total asset turnover rates from 2022 to 2024 were 0.79, 0.71, and 0.63, indicating a decrease in asset utilization efficiency [10][12] - Inventory turnover days increased from 196.69 days in 2021 to 307.93 days in 2024, reflecting a weakening inventory turnover capability [12] Inventory Management - As of the end of 2024, the inventory balance for functional skincare products was 479 million yuan, with an average inventory age of 465.6 days, indicating potential issues with product turnover [14][17] - The company has made provisions for inventory depreciation, with a total of 77 million yuan, of which 43 million yuan is for functional skincare products, the highest proportion [17][18] Future Outlook - In the first quarter of 2025, Huaxi Biological's performance continued to decline, with operating revenue of 1.078 billion yuan, down 20.77% year-on-year, and a net profit of 102 million yuan, down 58.13% year-on-year, primarily due to the ongoing decline in the skin science innovation transformation business [21]